If you have been thinking about getting second citizenship, you must have been asking yourself which country to choose. St Kitts & Nevis, Dominica, Grenada, Antigua and Barbuda, and Saint Lucia sound very exotic. Often, they are associated with sun, sea and tropical paradise – nothing to do with an investment destination.
Do not underestimate those small island states in the Caribbean Sea that no longer rely on manufacture of spices and banana trade; they have grown into modern countries attracting both tourists and investors. We are going to share with you at least 5 key advantages of a Caribbean passport by investment.
1. Visa-free travel
It might come as a surprise how many countries and territories are ready to permit entry without a visa to nationals of Caribbean states. But have a look yourself.
1. Grenada passport is your ticket to 131 countries including EU, UK, Singapore and China.
2. Dominica nationals can travel to 130 countries without a visa including 26 Schengen states and the United Kingdom.
3. 138 countries are open to citizens of Antigua and Barbuda including UK, EU and Switzerland.
4. St Kitts and Nevis passport guarantees entry to 142 countries with Singapore, Hong King and UK among them.
5. Saint Lucia nationals are welcome in 133 countries including Schengen states.
Number of countries where visa is not required or issued on arrival vary from a country to a country.
Visa regime with the USA
Many Caribbean states have special relationship with the United States. With offshore scandals being over and tax laws brought in line with international legal standards, new opportunities have opened to nationals of corresponding counties. For example, Grenada citizens can apply for an E-2 work visa to the USA which is available to a limited number of countries.
In order to make the right choice of a Caribbean citizenship by investment program, talk to qualified immigration lawyers.
2. Economic benefits
As we have already mentioned, Caribbean countries that offer their citizenship by investment programs have become a tourist paradise with modern well-developed infrastructure, stable economy and relatively stable political situation.
Taxation system offers a lot of benefits, e.g. there are no inheritance, gift, dividends or capital gain taxes. Almost all states do not limit repatriation of profits and import of capital. An investor can freely use funds and trusts as financial instruments.
If you choose to register a company in the Caribbean, any court orders or rulings issued against it outside the jurisdiction will have no force.
3. Cost of citizenship
Compare the cost of similar citizenship by investment programs in Europe and you will see that they are much more expensive than the Caribbean ones.
For example, Maltese passport will cost you at least €1.15 million where over a half of it is non-refundable. The cheapest citizenship by investment program in the Caribbean is offered by Grenada and starts at $100,000; it is not little, but still incomparable with millions of euros and dollars that you would be asked to invest in a European passport.
Besides, almost all Caribbean citizenship by investment programs have a choice of options including investment in real estate or tourism which can be refunded in 3-5 years of obtaining a second passport.
4. Security and no visit requirement
In most countries it is legal to get dual nationality. Though Caribbean states offer full confidentiality, it is recommended to double check laws of your home jurisdiction before applying for a second citizenship.
Another key advantage for businesspeople is no need to travel in order to apply for Caribbean citizenship by investment or collect their second passport. Everything can be done remotely from the comfort of your home either on your own or with the help of immigration lawyers. The only exception to the rule is Antigua and Barbuda. It requires its new citizens to visit the country for at least 5 days in the first five year of becoming naturalised.
5. Location and climate
Last but not the least, we have saved this advantage till the end following more pragmatic reasons of mobility and tax benefits.
However, do not forget that these island states are all-year-round resorts favoured by tourists and celebrities. It is a safe place to be, warm to hot climate and a safe haven for a successful entrepreneur.
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